Gogo (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

GOGO has been the subject of a number of other research reports. ValuEngine upgraded Gogo from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. BidaskClub downgraded Gogo from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, William Blair reiterated a “buy” rating on shares of Gogo in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $6.19.

GOGO stock opened at $5.87 on Friday. The company has a market capitalization of $531.05 million, a P/E ratio of -3.20 and a beta of 1.04. Gogo has a 52-week low of $2.64 and a 52-week high of $7.82. The business has a 50-day simple moving average of $5.55 and a two-hundred day simple moving average of $4.85.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.12. The company had revenue of $213.70 million for the quarter, compared to analyst estimates of $199.62 million. Gogo’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.47) EPS. Equities research analysts expect that Gogo will post -1.82 earnings per share for the current year.

In other Gogo news, Director Charles C. Townsend bought 65,651 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were purchased at an average price of $3.94 per share, for a total transaction of $258,664.94. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles C. Townsend bought 100,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $4.43 per share, for a total transaction of $443,000.00. Following the purchase, the director now directly owns 109,844 shares in the company, valued at $486,608.92. The disclosure for this purchase can be found here. Insiders bought a total of 265,851 shares of company stock worth $1,101,013 in the last 90 days. Company insiders own 41.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Gogo by 5.1% in the 2nd quarter. Vanguard Group Inc. now owns 5,456,403 shares of the technology company’s stock worth $21,717,000 after buying an additional 263,685 shares during the last quarter. North Peak Capital Management LLC boosted its stake in shares of Gogo by 22.4% in the 2nd quarter. North Peak Capital Management LLC now owns 3,404,355 shares of the technology company’s stock worth $13,549,000 after buying an additional 623,708 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Gogo by 28.6% in the 2nd quarter. Bank of America Corp DE now owns 2,112,864 shares of the technology company’s stock worth $8,410,000 after buying an additional 469,268 shares during the last quarter. Tenzing Global Management LLC boosted its stake in shares of Gogo by 43.8% in the 2nd quarter. Tenzing Global Management LLC now owns 1,725,000 shares of the technology company’s stock worth $6,866,000 after buying an additional 525,000 shares during the last quarter. Finally, First Midwest Bank Trust Division boosted its stake in shares of Gogo by 13.4% in the 2nd quarter. First Midwest Bank Trust Division now owns 1,551,008 shares of the technology company’s stock worth $6,173,000 after buying an additional 183,056 shares during the last quarter. Hedge funds and other institutional investors own 61.12% of the company’s stock.

About Gogo

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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